COUNTY RECEIVES CLEAN AUDIT REPORT

Thursday, August 11, 2011

(Monticello) – Legislator Jodi I. Goodman, Chair of the Management and Budget Committee commended the County’s management, as reflected in the “clean audit” report presented by the County’s independent external auditor, O’Connor Davies Munns & Dobbins, LLP of Harrison, New York. The audit report concluded that Sullivan County’s financial records were in conformity with accounting principles generally accepted in the United States of America, or in plain language a clean and unqualified audit report for the year ended December 31, 2010.

“I commend the work of County Manager David Fanslau, Deputy County Manager/Commissioner of Management and Budget Joshua Potosek, and County Treasurer Ira J. Cohen for managing the County’s budget that realized an ability to spend $4.6 million less in 2010 than originally budgeted, which responds to the public’s demands that government spend less,” said Goodman. The County’s Fund Balance was improved to $24.5 million, with $6.2 million in undesignated and unreserved Fund Balance. Although the $6.2 million is less than the minimum amount desirable for undesignated and unreserved Fund Balance, it was improved by $2 million over the fiscal year that ended December 31, 2009. A large area of concern remains uncollected property taxes that are due to the County, requiring an increase in the allowance for uncollectible amounts, and a nearly $13 million liability in deferred tax revenues.

“Sullivan County has been awarded a Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR). The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The Treasurer’s Department is to be commended for once again receiving this recognition,” added Goodman.

“The County Treasurer and the Deputy County Manager/Commissioner of Management and Budget are members of GFOA, and both offices have developed an excellent professional working relationship that has permitted Sullivan County to receive the Certificate of Achievement for Excellence in Financial Reporting by GFOA for the last number of years,” said Goodman.

The CAFR has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story to motivate potential users and user groups to read the CAFR.

The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL, and Washington, D.C.

“The CAFR reviews and is supported by the County budget process that was changed to be more transparent in 2007, with the incorporation of performance based management and budgeting. The prior vacancy variance process that eluded transparency was abolished in 2007 to provide for a more readily identifiable budgetary process that identifies revenues, appropriations, positions budgeted, and a capital plan,” concluded Goodman.